Sunnova Energy initiated with an Overweight at Morgan Stanley

Morgan Stanley analyst Andrew Percoco initiated coverage of Sunnova Energy with an Overweight rating and $35 price target, offering 124% upside. Sunnova is the third largest residential rooftop solar installer in the U.S, the analyst tells investors in a research note. The firm likes the company’s exposure to a "vastly under-penetrated" market, with strong long-term growth prospects. It sees an attractive buying opportunity "for those willing to accept near-term volatility."